When you have a fantastic product, you are nothing short of excited to get it into consumers’ hands. But it’s a wide road between an idea and a finished product. And sometimes an even seemingly wider road between finished product and store shelf. Trying to navigate that road can be challenging, but like the millions of products that have gone before you, it’s totally doable.
So, to help you drive that road to store shelf domination, we’ve put together a checklist of things you’ll want to think about when bringing your brand to market. Read on to find out more.
Product knowledge? Check.
If someone were to ask you, “How well do you know your brand?” You’d probably answer, “It’s my brand. I know it well.” And you’re probably right; you probably do know your brand well.
But you can—and should—know it better.
Having detailed knowledge about every aspect of your brand is critical for suppliers to successfully bring a product to market. You’ve no doubt collected market research data (and if you haven’t, then stop reading now and get thee some market data for other brands like yours!), and studied over it, extracting insights left and right. Are you putting that data to use? How are you acting on that data to ensure you position your product correctly, targeting the right audience and retail buyers? When it comes to data, there is always more to know, and a thousand possibilities of how you can use that data to establish or alter your product. If you think it’s possible to know too much about your product, think again. Knowledge is power, and understanding your brand is the first piece of that knowledge puzzle.
Consumer insight? Check.
Now that you’ve got all the knowledge adn insights about your brand, it’s time to shift focus to the people you want to buy your products—both consumers and the retail buyers who love them.
You most likely have a solid idea of who your target audience is. You know what they like about your product, and what they dislike. You know how they spend their money, and what they’ll splurge on vs. where they’ll save. You are deep in their minds, and if you’re not, you need to be. Consumer focus groups are a great way to gain insight into your own product, and see how it plays out of the production facility and real life. It’s the chance to see how consumers truly interact with your product, for better or worse. That’s information you can parlay into catching the eye of retail buyers—you’ve done the work for them, and can present the consumer feedback of your brand as a package of how your product will play on store shelves.
Just as important as knowing your target audience: Do you know who your target audience is not? Knowing why some consumers or retail buyers won’t pick up your brand is just as important as knowing why some consumers and retail buyers will pick it up. Why? Because while your brand may not meet their needs, down the line something might change—a new product, a line extension, a change in your brand direction—that may be exactly what they want and need.
You can’t build a business if you don’t know who you’re selling to, and why. If you don’t have every piece of consumer and buyer insight you risk not having that ladder of information on which to scale up your sales.
Pricing? Check.
There are so many moving parts when bringing a product to market, but pricing often doesn’t get enough thought. Too high, too low, or just right—finding that sweet spot can be tricky, but it doesn’t have to be. Using the two points above—knowing your brand and your consumer can help you determine your price. Brand research tells you the average in the market, and consumer research suggests how much your target audience is willing to pay. Having that information in hand when connecting with buyers shows you understand your brand’s value as well as the market you’re in.
Social media? Check.
Love it or hate it, social media is here and it’s changing the face of retail. In particular, the past two years of living through the global pandemic have heightened both consumer consumption of social media and retail commerce and sales across various platforms.
And it’s not just consumers who are scrolling through Instagram and being enticed by new products. Retail buyers, too, are leveraging social media for product discovery. While in-person trade shows are slowly returning, there is still a strong drive to search for new products that meet consumer needs on social media. Brands that want to stand out often do so by cultivating a following on their social media platforms, a prime spot to educate consumers, engage with them, and genuinely let their brand voice shine. In turn, seeing that consumer engagement often makes brands more intriguing to buyers, who want to know that there’s an audience eager to buy this new product. Simply put, in today’s evolving retail environment, brands that aren’t using social media to build their business and sell their products are losing out.
Marketing materials? Check.
Part of bringing your product to market is being able to easily share it with potential buyers. That means having your toolkit of marketing materials at the ready. This can include your digital sell sheets, product samples, campaign metrics, and more, so you can easily showcase your brand, its attributes, and why it’s the right new product for a retail buyer to put on their shelves.
Sign up for RangeMe? Check.
Bringing a product to market is easier when you have help. And that’s what RangeMe is here for! We have an abundance of tools to help you navigate the challenges, and help showcase your brand to let buyers know you are ready for retail. We’re your partner on this journey, and to make the most of it, brands need to ensure they’re being proactive and taking advantage of all the tools RangeMe has to offer. Retail buyers want to see fully developed product descriptions and sell sheets, professional-quality product images, and detailed attributes like the certifications you’ve achieved, unique selling propositions, and so on. The more information you provide the more likely you’ll turn up in searches when retail buyers are in product discovery and purchasing mode.
Can-do attitude? Check and check.
The road to store shelf is long, and you’ll inevitably hit some bumps along the way. But rather than letting them deter you, those bumps are opportunities to learn and, yes, grow your brand and business. Stay positive, stay active, and the journey of bringing your brand to market will be an adventure you won’t soon forget.
Want to learn more about how RangeMe can help you become discoverable to retail buyers from around the world? Go here.
The post How To Bring Your Brand to Market: A Checklist appeared first on The RangeMe Blog.